Triangle Properties breaks ground on phase one of Lighthouse Point; Part of $200 million mixed-use Staten Island development

July 05, 2016 - Owners Developers & Managers
Shown (from left) are: Bill Butler, James Molinaro, Christine Johnson, Brenden Healy, James Oddo, Lester Petracca, James Katz, Sherry Wang, Devin Williams, Cam Turner, and Michael Phillips. Shown (from left) are: Bill Butler, James Molinaro, Christine Johnson, Brenden Healy, James Oddo, Lester Petracca, James Katz, Sherry Wang, Devin Williams, Cam Turner, and Michael Phillips.

Staten Island, NY Triangle Equities held a groundbreaking ceremony on the first phase of Lighthouse Point – the developer’s $200 million, mixed-use project on the St. George waterfront – which took place on Wednesday, June 15th. Along with three other new core developments underway, this momentous occasion marked the continued progress of a transformative period for the North Shore.

In addition to the $1 billion investment into the transformation of the St. George waterfront, Lighthouse Point will contribute to the realized vision of “Destination St. George,” which will attract millions of people to live, work, and visit. Construction of the first phase of the project is slated for completion in December 2017.

Shown (from left) are: Elysa Goldman, Triangle Equities; Lester Petracca, Triangle Equities; Josh Weingarten, Triangle Equities; Devin Williams, EB-5 Global; Cam Turner, United Fund Advisors. Shown (from left) are: Elysa Goldman, Triangle Equities; Lester Petracca, Triangle Equities; Josh Weingarten, Triangle Equities; Devin Williams, EB-5 Global; Cam Turner, United Fund Advisors.

Earlier this year, Regus, a shared workspace provider, named as its anchor tenant. The company will occupy 30,000 s/f of the 65,000 s/f space dedicated to retail and office. In addition, Triangle Equities plans to bring a mix of unique retail shops and restaurants, as well as outdoor eating and entertainment space. Phase I also includes the development of a 12-story residential tower with 116 rental units.

Additionally, over an acre of waterfront public open space will be programmed for outdoor concerts, art exhibits, food festivals, etc. and an approximately 300-space parking garage will be added to the development.

Following Phase I, the developer will rehabilitate and repurpose the four historic structures, the historic wall, and multiple underground vaults currently situated on the site. The complex is listed on the National Register of Historic Places and Triangle and its team plan to restore the property’s sense of history, while also incorporating the historic structures for modern uses. This will allow for more than 23,000 s/f of restaurant, office and hospitality space, including a new 145,000 s/f, 175-room hotel tower featuring approximately 15,000 square feet of event space.